US, UK, Canada Target Crypto Phishing After Scams Net $14B

Phishing Scams Generate $14B, Prompting International Crackdown

Law enforcement bodies in the United States, United Kingdom, and Canada have initiated 'Operation Atlantic,' a coordinated effort to dismantle cryptocurrency fraud networks. The operation targets 'approval-phishing' scams, which tricked investors out of at least $14 billion in 2025 according to data from Chainalysis. These schemes use deceptive pop-ups or alerts to trick victims into granting attackers permission to access their crypto wallets, enabling the irreversible theft of funds.

Key agencies, including the U.S. Secret Service, the UK’s National Crime Agency, and the Ontario Provincial Police, are collaborating to disrupt these activities in real-time. The operation aims to deny criminals the ability to profit from their schemes by proactively identifying fraudulent activity and warning potential victims.

Approval phishing and investment scams cost victims millions in financial loss each year.

— Brent Daniels, Deputy Assistant Director, U.S. Secret Service Office of Field Operations.

Precedent Operations Froze $24M in Stolen Crypto Assets

Operation Atlantic is not the first cross-border effort to tackle crypto fraud, but it builds on a successful framework. It follows 'Project Atlas,' a 2024 Canadian-led operation that also included the U.S. Secret Service. Project Atlas identified over 2,000 compromised wallets across 14 countries, successfully froze approximately $24 million in stolen cryptocurrency, and disrupted an additional $70 million in potential fraudulent transactions.

Similarly, another international effort, 'Operation Spincaster,' generated over 7,000 investigative leads connected to an estimated $162 million in investor losses from phishing schemes. These prior successes demonstrate the effectiveness of a coordinated approach and underscore the massive scale of the criminal enterprises being targeted.

Authorities Focus on Victim Recovery and Real-Time Disruption

The primary strategy for Operation Atlantic is to move beyond investigation and into active, real-time disruption. Authorities stated the initiative will focus on identifying and notifying victims who may be at imminent risk of losing their funds. The goal is to provide guidance on how to secure compromised wallets, revoke malicious permissions, and prevent further losses.

This proactive stance is designed to protect investors by intervening before funds are completely drained. By combining resources and intelligence from multiple countries, the task force aims to trace and recover stolen funds while raising public awareness about the sophisticated tactics used in modern cryptocurrency investment scams, which are often linked to 'pig butchering' schemes.